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EURO-DOLLAR TECHS: Focus Still On The Channel Top:
*RES 4: 1.1109 High Sep 13
*RES 3: 1.1076 High Sep 18
*RES 2: 1.1007/25 Channel resistance drawn off Jun 25 high / High Sep 23
*RES 1: 1.0998/99 High Oct 4 / Oct 3
*PRICE: 1.0968 @ 08:13 GMT Oct 7
*SUP 1: 1.0904 Low Oct 2
*SUP 2: 1.0879 Low Oct 1 and bear trigger
*SUP 3: 1.0862 76.4% retracement of Jan 2017 - Feb 2018 rally
*SUP 4: 1.0843 3.0% Lower Bollinger Band
The focus in EURUSD for the start of this week remains on the bull channel top,
that today intersects at 1.1007. The channel is drawn off Jun 25 high. Whether
last weeks recovery marks the start of a more bullish theme will depend on the
ability to clear the channel resistance. If so, a break would represent a trend
reversal and momentum would be in support. Until then, the downtrend remains
intact. Renewed weakness would refocus attention on 1.0879.